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Feb 11, 2015

5 Budgeting Tips for your Kitchen Remodel

There are many reasons behind remodeling your kitchen. Some simply desire an upgrade, others feel their kitchen is too small or their family has outgrown it. The unfortunate side is that remodeling a kitchen can prove to fairly expensive, but there are always routes around spending excess money. Some of these tips may seem like no-brainers, however others you will snap your fingers and exclaim “I wish I’d thought of that!”

Make yourself a budget, and hold to it

This is often one of the most difficult aspect of saving yourself money on a project. On average, a kitchen remodel costs $80,000, though some cost less and others more depending on extras. You can set your budget based on 3 factors: how long you intend to keep the house, how much you can afford to spend and whether the neighborhood is upscale or modest. If you plan to sell the house, consider the remodeling a real estate investment and only spend what you think you can get back on the house.

Understand how the cost breaks down

When it comes to kitchen remodeling, everything is a huge variable. It depends on what, if anything, you intend to do on your own. As a general rule, cabinets take up around 35% of the costs. Labor can be anywhere from 20–35%, with appliances being 20%. 10% goes to windows, 5% to fixtures, 3% to fittings and 7% to other aspects. Knowing how the break down works allows you to navigate your expense budget without having to worry about overspending.

Keep 20% of your budget for unexpected surprises

And there will be unexpected surprises. Whether you pull up the flooring to find extensive water damage from a leak in the pipes or your walls reveal out of date wiring, you will find things you were not expecting hidden out of sight. All of these nasty surprises will need fixing, at the risk of these damages ruining your home for the future. These surprises are also one of the biggest reasons you’ll need to have an emergency budget included in your overall budget.

Factor in going out to eat/getting takeout

Let’s face it, you won’t be able to use your kitchen at all. You won’t be dining in there every night, let alone cooking a meal for your family. You’ll be spending additional bucks at restaurants, getting take out or even simple McDonalds meals. You need to plan ahead for this to avoid spending too much on food, as well as to ensure you save yourself some extra money on this project.

Take care of the smaller things yourself

You don’t have to hire a professional for every little thing. Save yourself to money, and time, by doing it yourself. There are plenty of smaller bits that you can take care of, such as tearing up the carpet, removing cabinets and even knocking down walls.

Hope these tips helped shed some light on kitchen remodeling and some ideas to improve budgeting for it. Check out Smith to get free quotes from top-rated local contractors.